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Bull Cycle Remains Intact

USDJPY TECHS
  • RES 4: 133.11 High Apr 4 2002
  • RES 3: 132.39 High Apr 15 2002
  • RES 2: 131.96 1.00 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 131.25 High Apr 28
  • PRICE: 130.08 @ 15:06 BST May 2
  • SUP 1: 128.34/126.95 Low Apr 28 / Low Apr 27 and a key support
  • SUP 2: 126.68 20-day EMA
  • SUP 3: 125.09 Low Apr 14
  • SUP 4: 124.01 Low Apr 11

No change in USDJPY, and the outlook remains bullish. The rally last Thursday confirmed a resumption of the uptrend, following the breach of 129.40, the Apr 20 high. The psychological 130.00 handle has also been cleared and 131.00 remains exposed. The focus is on 131.96 next, a Fibonacci projection. 126.95, the Apr 27 low, represents a key short-term support. A break would signal a possible short-term top.

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